IT Service Management Market Accounts for Major Growth with Information Technology Services Rising
The diversification of IT services is motivating the growth of the IT service management market globally. The insights into the information and communication technology industry are advanced by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth. A 12 % CAGR is anticipated to broaden the growth opportunities for the market.
The elevated demand for IT asset management, among others, is expected to create a favorable growth trend in the IT service management market. Furthermore, the surging popularity of cloud computing is expected to further boost the expansion of the market for IT service management in the upcoming years.
Segmental Analysis
The segmentation of the IT service management market is conducted on the basis of deployment, type, region, and end-user. On the basis of type, the IT service management market is segmented into IT asset management, application performance management, configuration management, network management and DBMS management. Based on the deployment, IT service management market is segmented into cloud-based and on-premise. Based on the end-user, the IT service management market is segmented into BFSI, manufacturing, media & entertainment, healthcare, IT & telecommunication, retail among others. Based on the regions, the IT service management market is segmented into North America, Asia Pacific, Europe, and other regions of the world.
Market Key Trends & Challenges
The most crucial factor behind the growth of the IT service management market is the escalating number of employees using personal IT technological devices at the workplace is boosting technology at the forefront. For this, the technology giants such as HP (U.S.), CA Technologies (U.S.), BMC Software (U.S.), Axios Systems (U.K), Microsoft Corp. (U.S.), are some of the major players who have been influencing IT service management market for years. Among these, BMC software has been the dominant player in the IT service management market.
At the same time, the dominant trend in the IT service management market has also mentioned the emergence of cloud computing, which has significantly influenced the way businesses are being operated. The ever-increasing adoption of cloud solutions has simultaneously brought a drastic change in the operating models of the business. Additional factors such as the mounting adoption of IT in several industry verticals are also aiding the market growth inevitably.
Market Key Players
The well-known market players that have been analyzed in the report are listed as Cherwell Software, Axios Systems, HP, CA Technologies, BMC Software, Microsoft Corp., IBM Corporation, Citrix Systems, Absolute Software, Compuware, Landesk Software, Manage Engine, and EMC Corporation, Service Now Inc..
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IT Service Management Market – Forecast 2023 | MRFR
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